Global oil prices traded lower on Friday after the US signalled a possible easing of sanctions on Iranian crude, as efforts intensified to secure shipping through the Strait of Hormuz.
Brent crude futures fell as much as 3.39 per cent to an intra-day low of $104.96 per barrel, while US WTI crude futures traded 3.22 per cent lower at $92.47, hitting an intra-day low.
The decline in oil prices followed comments by US Treasury Secretary Scott Bessent, who indicated that Washington may consider easing restrictions on Iranian oil already at sea to help cool global prices.
NDTV’s Himanshu Shekhar Mishra decodes.
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